Overview
Land Transportation

Keihan Holdings Co.,Ltd.

Keihan Holdings Co., Ltd. is a diversified holding company headquartered in the Kinki region of Japan, operating across five core segments: transportation (railway and bus services connecting Osaka and Kyoto), real estate (development, leasing, and asset management), retail/distribution (department stores and supermarkets), leisure and services (Hotel Keihan chain and leisure facilities), and financial/other services. The Group's railway network, operated by Keihan Electric Railway, forms the backbone of its business, linking key urban centers including Osaka, Kyoto, and Otsu, with premium offerings such as the reserved 'Premium Car' and 'Liner' services enhancing passenger experience. The Group leverages its rail corridor assets to develop integrated commercial properties, hotels, and shopping centers, including flagship facilities such as KUZUHA MALL, THE THOUSAND KYOTO, and GOOD NATURE STATION.

Market Cap
¥332B
US$2.12B
EV
¥658B
US$4.19B
Stock¥3,294▲+1.07%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
8.9
x
LTM EV/EBIT
13.2
x
LTM PER
9.9
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.4%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
332BUS$2.12BMarket Cap431BUS$2.75B+ Debt23.1BUS$148M− Cash91.5BUS$583M− Inv. Sec.8.70BUS$55.5M+ NCI658BUS$4.19BEV
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Performance & Balance
Revenue 5Y (¥B)
258US$1.65B'22/3260US$1.66B'23/3302US$1.93B'24/3314US$2.00B'25/3332US$2.12B'26/3
EBITDA 5Y (¥B)
34.2US$218M'22/340.5US$258M'23/353.9US$344M'24/364.6US$412M'25/373.3US$467M'26/3
Net Income 5Y (¥B)
9.59US$61.2M'22/317.6US$112M'23/324.9US$159M'24/328.3US$180M'25/333.6US$214M'26/3
Capital Structure
44%
56%
EquityD/E 1.26xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
62.3US$397M349US$2.22B'22/361.9US$395M352US$2.25B'23/373.1US$466M348US$2.22B'24/369.8US$445M353US$2.25B'25/378.5US$500M394US$2.51B'26/3
Shareholders
Top 10 hold 27.0%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
12.86%
2
Custody Bank of Japan, Ltd. (Trust Account)
3.57%
3
Sumitomo Mitsui Trust Bank, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)
2.02%
4
Sumitomo Mitsui Banking Corporation
1.35%
5
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.32%
6
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.31%
7
Aya NOMURA
1.23%
8
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.22%
9
Custody Bank of Japan, Ltd. (Re-trust by Sumitomo Mitsui Trust Bank, Limited / Hankyu Corporation Retirement Benefit Trust Account)
1.06%
10
Taiju Life Insurance Company Limited
1.04%
Management
14 officers
Yoshifumi KATO
Representative Director, Chairman of the Board of Directors
Apr 1975 Joined the Company Jun 2005 Director, the Company Jun 2007 Managing Executive Officer and Director, the Company Jun 2011 Representative Director, President, CEO and COO, the Company Jun 2019 Representative Director, Chairman, CEO and Chairman of the Board of Directors, the Company Jun 2025 Representative Director, Chairman and Chairman of the Board of Directors, the Company (current)
1951-11-25
Yoshihiro HIRAKAWA
Representative Director, President and Executive Officer, General Manager of Corporate Planning Office, General Manager of Internal Audit and Internal Control Office
Apr 1986 Joined the Company Jun 2015 Executive Officer, the Company Jun 2021 Director and Managing Executive Officer, the Company Jun 2023 Director and Senior Managing Executive Officer, the Company Jun 2025 Representative Director, President and Executive Officer, the Company (current) Jun 2025 Representative Director, Chairman, Keihan Electric Railway Co., Ltd. (current) Jun 2025 Representative Director, Chairman, Keihan Bus Co., Ltd. (current)
1961-12-16
Masaya UENO
Director, Executive Officer and Executive Vice President, General Manager of Group Management Office (in charge of Human Resources and Accounting Departments), Deputy General Manager of Corporate Planning Office (in charge of Management Strategy [Brand and Public Relations] and Intangible Value Creation)
Apr 1982 Joined the Company Jun 2013 Executive Officer, the Company Jun 2017 Director and Managing Executive Officer, the Company Jun 2021 Director and Senior Managing Executive Officer, the Company Jun 2025 Director, Executive Officer and Executive Vice President, the Company (current) Jun 2025 Representative Director, Chairman, Keihan Hotels & Resorts Co., Ltd. (current)
1960-01-13
Yoshihisa MICHIMOTO
Director and Managing Executive Officer, Deputy General Manager of Corporate Planning Office (in charge of Community Development Promotion) [General Manager, Real Estate Business]
Apr 1988 Joined the Company Jun 2017 Executive Officer, the Company Jun 2017 President and Representative Director, Keihan Real Estate Co., Ltd. (current) Jun 2021 Director and Managing Executive Officer, the Company (current)
1965-06-01
Yasushi MATSUSHITA
Director and Managing Executive Officer, Deputy General Manager of Corporate Planning Office [General Manager, Retail Business]
Apr 1987 Joined the Company Jun 2017 Executive Officer, the Company Jun 2019 President and Representative Director, Keihan Distribution Systems Co., Ltd. (current) Jul 2020 Chairman and Representative Director, Keihan The Store Co., Ltd. (current) Jun 2023 Director and Managing Executive Officer, the Company (current) Jun 2023 Chairman and Representative Director, Keihan Department Store Co., Ltd. (current)
1964-07-23
Kinya INOUE
Director and Managing Executive Officer, Deputy General Manager of Corporate Planning Office (in charge of Management Strategy [New Business]) [General Manager, Transportation Business]
Apr 1989 Joined the Company Jun 2023 Executive Officer, the Company Jun 2025 Director and Managing Executive Officer, the Company (current) Jun 2025 President and Representative Director, Keihan Electric Railway Co., Ltd. (current)
1965-07-24
Shinya HASHIZUME
Director
Apr 2006 Professor, Graduate School of Literature, Osaka City University, and Professor, Urban Research Plaza Apr 2008 Special Professor, Organization for Industry, Academia and Government Collaboration, Osaka Prefectural University, and Director, Research Institute for Tourism Industry Strategy Apr 2017 Special Professor, Research Promotion Organization, same university, and Director, Research Institute for Tourism Industry Strategy, 21st Century Science Research Center; Professor, Graduate School of Economics Jun 2019 Director, the Company (current) Apr 2022 Special Professor, Research Promotion Organization, Osaka Metropolitan University, and Director, Research Institute for Tourism Industry Strategy, Collaborative Research Center; Professor, Research Institute of Modern Systems Science Apr 2026 Specially Appointed Professor, Research Promotion Organization, same university, and Director, Osaka Urban Design & Management Center, Collaborative Research Center (current)
1960-12-06
Ken Chan Chen WEI
Director
Oct 2000 Vice President, GIC Real Estate Pte. Ltd. Apr 2006 Representative Director, GIC Real Estate International Japan K.K. (now GIC Japan K.K.) Sep 2019 Representative Director, Patience Capital Group Co., Ltd. (current) Jun 2023 Director, the Company (current)
1967-06-05
Takehiko YAMAMOTO
Director
Apr 1975 Joined Osaka Shosen Mitsui Steamship Co., Ltd. (now Mitsui O.S.K. Lines, Ltd.) Jun 2009 Director and Senior Managing Executive Officer, Mitsui O.S.K. Lines, Ltd. Jun 2010 Representative Director and Executive Vice President, Executive Officer, Daibiru Corporation Jun 2011 Representative Director, President and Executive Officer, Daibiru Corporation Apr 2016 Representative Director, Chairman, Daibiru Corporation Apr 2019 Director and Chairman, Daibiru Corporation Jun 2019 Advisor, Daibiru Corporation Jun 2024 Director, the Company (current)
1952-09-29
Toshihiko INACHI
Director, Audit and Supervisory Committee Member (Full-time)
Apr 1982 Joined the Company Jun 2013 Executive Officer, the Company Jun 2017 Director and Managing Executive Officer, the Company Jun 2019 Director and Senior Managing Executive Officer, the Company Jun 2023 Director, Audit and Supervisory Committee Member (Full-time), the Company (current)
1958-12-17
Nobuyuki TAHARA
Director, Audit and Supervisory Committee Member
Sep 1980 Certified Public Accountant (current) Dec 1997 Partner, Century Audit Corporation (now Ernst & Young ShinNihon LLC) Jun 2014 Retired from ShinNihon LLC (now Ernst & Young ShinNihon LLC) Jun 2016 Audit & Supervisory Board Member, the Company Jun 2017 Director, Audit and Supervisory Committee Member, the Company (current)
1953-04-06
Koichi KUSAO
Director, Audit and Supervisory Committee Member
Apr 1990 Attorney-at-law (current) Jun 2016 Audit & Supervisory Board Member, the Company Jun 2017 Director, Audit and Supervisory Committee Member, the Company (current)
1960-03-07
Kanako HAMASAKI
Director, Audit and Supervisory Committee Member
Jul 2011 Representative Director and Director of the Museum, Yuhisai Kodokan (General Incorporated Foundation, now Public Interest Incorporated Foundation) (current) Apr 2013 Associate Professor, Faculty of Literature, Senshu University Mar 2014 Member, Kyoto City Tourism Promotion Council May 2020 Member, same council Apr 2021 Associate Professor, Faculty of Letters, Kyoto Prefectural University Jun 2021 Director, Audit and Supervisory Committee Member, the Company (current) Apr 2024 Associate Professor, Faculty of Agriculture and Food Science, Kyoto Prefectural University (current)
1973-05-31
Yoshiaki HONBO
Director, Audit and Supervisory Committee Member
Apr 1974 Joined the Ministry of Transport Jul 2001 Senior Counselor, Minister's Secretariat, Ministry of Land, Infrastructure, Transport and Tourism Apr 2003 Director, Japan Post Public Corporation Oct 2008 Commissioner, Japan Tourism Agency, Ministry of Land, Infrastructure, Transport and Tourism Apr 2010 Professor, Faculty of Urban Environmental Sciences, Tokyo Metropolitan University Jun 2016 Representative, Japan Office, UN World Tourism Organization (UNWTO) Aug 2021 Chairman, Director, Tobu Top Tours Co., Ltd. Jun 2022 Executive Officer (courtesy title), Tobu Railway Co., Ltd. Jun 2025 Director, Audit and Supervisory Committee Member, the Company (current)
1949-04-20
Large Shareholding Reports
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
2.68%→2.83%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-18
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-17
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-19
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-20
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-21
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-18
Annual Securities Report
EDINET
2021-02-10
Quarterly Securities Report
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